BACK TO BLOG

Inventive ways to use bridging loans

November 8, 2018

Do you really know how flexible bridging loans can be? To give you an idea, here are a few recent creative cases we helped clients with:

Grade II listed auction property

 grade II listed farmhouse

Purchase of an uninhabitable Grade II listed farmhouse at auction. Our client needed to pay within 28 days and carry out refurbishments before securing a traditional mortgage.

Loan amount: £280,000
Property value: £475,000
Term: 12 months
Product type: First Charge bridging loan
Exit: First Charge mortgage

Property with Japanese Knotweed

 japanese knotweed property

Our client had purchased a property with Japanese Knotweed. They needed to remove the knotweed and get the certificate guaranteeing the work, before refinancing onto a regular mortgage.

Loan amount: £426,000
Property value: £1.9m
Term: 12 months
Product type: First Charge bridging loan
Exit: First Charge mortgage

GIFTED DEPOSIT

 parents with son

Parents wanted to use equity in their property as a gifted deposit for their son and at the same time move home, downsizing from their existing property. 

Loan amount: £64,000
Property value: £695,000
Term: 12 months
Product type: Second Charge bridge
Exit: Sale of property

Development build and splitting titles

 construction-house

A property developer wanted to purchase a house and the land it was on, build an additional property on the land and split the title.

Loan amount: £480,000
Property value: £695,000
Term: 12 months
Product type: First Charge bridging loan
Exit: Sale of property

So, whats stopping you from helping your clients with funding the more unusual situations? You can offer your clients rates from 0.55% per month and loan sizes over £10m, with West One's bridging loans.

For more information about West One’s bridging loans or to discuss a case, please call our team on 0333 123 4556 or drop us a message.